Untitled

STRUCTURED FINANCE RESEARCH
European CMBS Monthly Bulletin (July/August 2013): Weak Growth Prospects For Commercial Real Estate Values In Europe's Five Largest Economies
Primary Credit Analysts: Giles Edwards, London (44) 20-7176-7014; giles.edwards@standardandpoors.com Arnaud Checconi, London (44) 20-7176-3410; checconia@standardandpoors.com Surveillance Credit Analyst: James Belchamber, London +44 207 176 3734; james.belchamber@standardandpoors.com Secondary Contact: Robert W Leach, London (44) 20-7176-3652; robert.leach@standardandpoors.com Research Contributor: Mahesh L Bodke, Mumbai; mahesh.bodke@standardandpoors.com Media Contact: Lisa Nugent, London (44) 20-7176-3501; lisa.nugent@standardandpoors.com
Table Of Contents
CreditWatch Resolutions Loan Maturities Loan Delinquencies, Nonmonetary Breaches, And Cures Specially Serviced Loans Ratings And Note-Level Matters Transactions And Related Publications
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
AUGUST 28, 2013 1

1184348 | 301112013
Table Of Contents (cont.)

Loan Delinquencies And Nonmonetary Breaches Data Specially Serviced Loans Data Ratings And Note-Level Matters Data Related Criteria And Research
AUGUST 28, 2013 2

1184348 | 301112013
Standard & Poor's Ratings Services' latest economic research shows that financial conditions in many European countries will likely remain unsupportive of commercial real estate collateral value growth. In June, we slightly raised our 2013 GDP growth estimate for the U.K., lowered our projections for Germany and Italy, and cut our inflation forecast for the eurozone (European Economic and Monetary Union). However, under our baseline scenario projections, we expect another year of very weak or negative growth, with the prospect of only a weak recovery in 2014 (see "Entrenched In Recession, Europe Seeks A Balance Between Deleveraging And Growth," published on June 26, 2013). In light of this little changed forecast, we have not substantially revised our forecast for commercial real estate values in the largest five European economies. In the U.K., Investment Property Databank data for the end of July 2013 reinforce our view that average U.K. commercial property values in absolute terms could fall slightly in the second half of 2013, but pricing should essentially remain stable into 2014. Despite signs of a slight pick-up in demand for good quality secondary real estate, we expect that values will continue to lag a more robust prime property market. Although we foresee generally solid conditions for a further rise in German commercial real estate values (especially in the largest cities), we expect growth to slow slightly into 2014. In Italy and Spain, we expect valuations to fall further, with Spain being the weaker of the two markets. In France, we expect a relatively limited fall in prices for the real estate market as a whole. With collateral value growth sclerotic at best, if not negative, we do not expect a quick cure for restoring loan-to-value (LTV) ratio levels for existing commercial real estate loans. We further expect that the volume of bank finance will remain constrained, focusing on relatively less risky assets in support of core franchise clients. In our view, these conditions point to a continuation of the long, slow workout of troubled assets in commercial mortgage-backed securities (CMBS) transactions and bank loan books alike.
Table A
Scenarios For European Commercial Real Estate Collateral: 2013 To 2014

Baseline effect on collateral credit quality
Actual 2012
Baseline 2013 2014
Downside 2013 2014
Comment
Real GDP (year-on-year growth; %) U.K. 0.0 0.8 1.2 (0.1) 0.3 The U.K. remains one of the few European countries that could see some growth in 2013, with a further modest pick-up in 2014. 0.4 Despite a disappointing Q1, Germany is one of the few European countries that should see growth in 2013, with a further modest pick-up in 2014. Somewhat favorable
Germany
0.7
0.4
1.4
(0.3)
Somewhat favorable
AUGUST 28, 2013 3

1184348 | 301112013
Table A
Scenarios For European Commercial Real Estate Collateral: 2013 To 2014 (cont.)
France Italy Spain 0.0 (2.4) (1.4) (0.3) (1.9) (1.5) 0.6 0.5 0.6 (1.1) (2.5) (2.1) (0.4) French economic output seems set to remain broadly flat in 2013. Neutral
(0.7) Exports have underperformed and consumer demand Somewhat unfavorable remains weak, creating a drag on growth. (1.0) Despite solid export growth, we expect Spain to remain in recession in 2013. Somewhat unfavorable
Annual average unemployment rate (%) U.K. Germany France Italy Spain 8.0 5.5 10.5 10.6 25.1 8.5 5.7 10.9 12.0 26.8 8.0 5.6 11.2 12.5 26.5 9.0 6.5 12.0 13.5 28.0 9.0 Despite a likely return to growth, unemployment is likely to remain high. 7.5 German unemployment has stabilized at historic lows. 12.5 Renewed uptrend since mid-2011. 13.8 Unemployment continues to hit multi-year highs. 28.5 Unemployment continues to hit multi-year highs. Neutral Neutral Neutral Somewhat unfavorable Somewhat unfavorable
Consumer price index (%) U.K. Germany France Italy Spain 2.8 2.1 2.2 3.3 2.4 2.7 1.4 1.0 1.6 1.6 2.3 1.7 1.5 1.5 1.4 1.0 1.0 0.8 1.2 1.0 0.7 The rate of U.K. price growth has steadied. 0.0 German inflationary pressures eased in the first half of 2013. 0.5 Slow economic activity is constraining price pressures. 0.5 Slow economic activity is constraining price pressures. (0.5) Slow economic activity is constraining price pressures. Neutral Somewhat favorable Somewhat favorable Somewhat favorable Somewhat favorable
Commercial real estate capital value growth (%) U.K. Germany France Italy Spain Policy rate (%) Bank of England European Central Bank 0.50 0.75 0.50 0.50 0.50 0.50 0.25 0.25 0.25 No changes likely in the short-to-medium term. 0.25 We expect the ECB to hold its policy rate, given the ongoing eurozone downturn. Neutral Neutral (4.2) 6.3 0.7 (4.1) (7.4) (1.0) 4.0 (2.0) (4.0) (7.5) 0.0 3.0 0.0 (2.0) (5.0) (4.0) 1.0 (4.0) (5.0) (10.0) (2.0) We expect values to stabilize in the second half of 2013. 1.0 German real estate value growth remains robust, especially in the major cities. (2.0) The price trend could reverse, given renewed economic weakness. (3.5) We expect prices to continue falling in 2013. (7.5) We expect prices to continue falling in 2013. Somewhat unfavorable Somewhat favorable Somewhat unfavorable Unfavorable Unfavorable
Sources: Bank of England, European Central Bank, Office for National Statistics, Deutsche Bundesbank, CBRE, IPD, and Standard & Poor's Ratings Services. Baseline--Expected scenario. Downside--Alternative scenario; severe recession.
CreditWatch Resolutions
Following the application of our European CMBS criteria, we resolved all of our CreditWatch placements by the first week of June 2013 (see "European CMBS Methodology And Assumptions," published on Nov. 7, 2012). On Dec. 6, 2012, we placed on CreditWatch negative our ratings on 240 tranches in 77 European CMBS transactions for criteria
AUGUST 28, 2013 4

1184348 | 301112013
reasons (see "Ratings On 240 Tranches In 77 European CMBS Transactions Placed On CreditWatch Negative Following Criteria Update"). The CreditWatch placements affected approximately one third of the European CMBS tranches that we rate. The affected tranches had a principal balance of about 14.67 billion (for euro-denominated transactions) and 15.15 billion (for British pound sterling-denominated transactions). Of the 240 tranches, the resolution of our CreditWatch placements prompted 126 rating actions as a direct result of the application of our criteria, and 114 due to performance issues. The remainder were withdrawn either upon request or due to redemptions. Our criteria-related rating actions resulted largely from our calculation of hedge break costs and our analysis of tail periods (the period between the maturity date of the latest maturing loan and the transaction's final maturity date) under our European CMBS criteria, and from changes in certain capitalization rates in our property analysis.
AUGUST 28, 2013 5

1184348 | 301112013
Of the 126 rating actions that we took due to the application of our updated criteria, we upgraded one tranche, affirmed 39, and downgraded 86 (see chart A). The median rating movement was -2.0 notches. Of these tranches, we rated 91 in the investment-grade category, and only 35 in the speculative-grade category, following our CreditWatch resolutions. Tranches that we rated 'AA (sf)' experienced the lowest average rating movements of -1.1 notches. Conversely, 'BB (sf)' rated tranches experienced the highest average rating movement of -2.7 notches. Tranches rated 'BB (sf)' following our CreditWatch placement resolutions experienced the largest overall number of downgrades (see chart B). By balance, the average rating movement differed for tranches in the investment-grade and speculative-grade categories, at -1.6 and -2.7 notches, respectively.
AUGUST 28, 2013 6

1184348 | 301112013
By jurisdiction, we found that transactions backed by assets located throughout continental Europe accounted for 54 of the 86 criteria-related downgrades, and had an average rating movement of -2.9 notches. This was significantly worse than assets located in the U.K., which accounted for 32 of these downgrades, with an average rating movement of -1.6 notches. Those transactions with assets located across multiple jurisdictions performed the worst, recording an average rating movement, of -3.3 notches (see chart C).
AUGUST 28, 2013 7

1184348 | 301112013
Overall, we observed a strong correlation in transaction-level rating movement by vintage, with an average rating movement of -1.5 notches for tranches in transactions originated in 2005, of -2.9 notches for 2006, and of -3.0 notches for 2007. These rating movements were in line with our expectations. The information below is as of the end of July 2013, unless stated otherwise.
Table 1
Data Snapshot For Loans And Ratings

Loan developments Total delinquent Total in nonmonetary breach Total in special servicing Maturity performance Scheduled to mature Repaid by maturity date Rating actions New Raised Lowered Affirmed To CreditWatch negative 31 11 17 10 Number of loans Number of transactions affected 135 33 165 52 23 60
Number of tranches Number of transactions affected 1 0 26 14 0 1 0 9 2 0
AUGUST 28, 2013 8

1184348 | 301112013
Table 1
Data Snapshot For Loans And Ratings (cont.)

To 'D (sf)' Total at 'D (sf)' Redemptions 1 138 2 1 53 2
Data Notes The total number of loans in European CMBS that we rate (excluding the loans in small loan transactions, nonperforming loan [NPL] transactions, and commercial real estate collateralized debt obligations [CRE CDOs]) stood at 425. The British pound sterling and euro balances of this universe over this period were 26,800,736,675 and 28,989,164,492, respectively. The total issuance amounts across all transactions we rate (including small loan transactions, nonperforming loans, and CRE CDOs) were 28,785,173,216 and 31,052,720,020, respectively.
Loan Maturities
Loan maturity performance
Of the 31 loans that matured: Borrowers repaid 11 in full; Borrowers repaid two with loss; Servicers extended the term of one loan; Servicers declared one to be in standstill; Servicers declared nine to be in default; Servicers declared three to be in default/in standstill; and We await information for the remaining loans.
Table 2
Maturities
Transaction DRACO (ECLIPSE 2005-4) PLC Windermere X CMBS Ltd. RIVOLI Pan Europe 1 PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Loan 1 Trafalgar Square Falcon Crest Parque Principado The Barthonia Loan The DT-12 Loan The Fish Loan Jurisdiction U.K. Germany Spain Germany Germany Germany Asset type Office Multifamily housing Retail Mixed use Office Mixed use Loan maturity date Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Note final maturity date Oct 1, 2017 Oct 15, 2019 Aug 3, 2018 Jul 22, 2015 Jul 22, 2015 Oct 22, 2016 Comment Repaid Repaid In standstill Awaiting information Defaulted Defaulted
AUGUST 28, 2013 9

1184348 | 301112013
Table 2
Maturities (cont.)
Talisman-5 Finance PLC Windermere XIV CMBS Ltd. Windermere X CMBS Ltd. Talisman-4 Finance PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Titan Europe 2006-3 PLC Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2006-3 PLC Titan Europe 2007-2 Ltd. Cornerstone Titan 2007-1 PLC Fleet Street Finance Three PLC DECO 9 - Pan Europe 3 PLC Epic (Ayton) PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC Deco 17 - Pan Europe 7 Ltd. REC Plantation Place Ltd. The Monkey Loan The Odin Loan Woolworth Boenen The Valentine Loan Skoduv Palace Loan Holmewood Chesterfield Loan Geneva Loan Hannover Klimson Loan Matrix Data Project Charles II Loan Project Middleton Loan Project Towergate Loan Target Toy Box Loan Wolfsburg Loan Saxony Senior Loan Terranias Portfolio 214 Oxford St Edeka Retail Investco Estates Limited Ubrique Holdings Limited Holmes Care Portfolio Elbblick Plantation Place Germany Finland Germany Germany Czech Rep U.K. Switzerland Germany Switzerland The Netherlands U.K. U.K. U.K. France Germany Germany Germany Switzerland U.K. Germany U.K. U.K. U.K. Germany U.K. Mixed use Distribution Warehouse Distribution Warehouse Mixed use Office Industrial Industrial Office Retail Industrial Office Distribution Warehouse Office Mixed use Office Mixed use Nursing Homes Multifamily housing Retail Retail Distribution Warehouse Residential Nursing Homes Retail Office Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Oct 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 22, 2013 Jul 22, 2013 Jul 25, 2013 Oct 22, 2016 Apr 22, 2018 Oct 15, 2019 Jul 22, 2015 Apr 1, 2017 Oct 23, 2016 Jan 23, 2017 Jan 23, 2017 Jan 23, 2017 Jul 1, 2016 Oct 23, 2016 Oct 23, 2016 Oct 23, 2016 Jul 1, 2016 Apr 1, 2017 Jan 23, 2017 Oct 25, 2016 Jul 27, 2017 Oct 1, 2016 Oct 27, 2019 Jan 27, 2020 Jan 27, 2020 Jan 27, 2020 Jul 27, 2020 Jul 25, 2016 Defaulted Repaid Repaid with a loss Defaulted Extended to October 2013 Repaid Repaid Defaulted/In standstill Defaulted Repaid Repaid with a loss Defaulted Defaulted Awaiting information Defaulted/In standstill Defaulted/In standstill Defaulted Repaid Repaid Defaulted Awaiting information Repaid Repaid Awaiting information Repaid
AUGUST 28, 2013 10

1184348 | 301112013
Loan maturity default rate and performance statistics. The maturity default rate increased marginally to 12.77% from 12.74%.
August maturities
We expect the maturity default rate to increase in our next European CMBS monthly bulletin, as 18 loans are scheduled to mature in August, three of which have already repaid.
Chart 1
Loan Maturity Index Default Methodology To track the maturity default rate, we use the 12-month rolling balance of loans scheduled to mature. For example, our rate at the end of July is tracked against the total balance of loans scheduled to mature between Aug. 1, 2012 and July 31, 2013 is 14.86 billion when expressed in euros. We also show the balance of loans scheduled to mature in the same period that repaid, that defaulted in that period and that either extended, went into standstill, or for which we await information.
AUGUST 28, 2013 11

1184348 | 301112013
Loan maturities data

See "Loan Maturities Data" below for all maturities from the past quarter to the end of the current calendar year (tables 8 and 9), as well as data for the number of loans due to mature in the next nine months (chart 5), jurisdiction and sector breakdowns of the maturity profiles for pound sterling and euro loans from 2011 onward (charts 6 and 7), and the maturity profile for pound sterling and euro loans from 2011 onward (chart 8).
Loan Delinquencies, Nonmonetary Breaches, And Cures

Loan delinquencies and cures
There were 12 loan delinquencies, 11 of which were due to maturity payment defaults. Eight loans were resolved from our delinquencies index, of which four repaid in full and the remaining four repaid with a loss (see table 3). As a result, the number of loans in our delinquencies index increased to 135 from 131. As shown in chart 2, the delinquency rate for: Outstanding euro-denominated loans increased to 29.64% from 25.47%; and Outstanding pound sterling-denominated loans decreased marginally to 10.06% from 10.43%.
Chart 2
AUGUST 28, 2013 12

1184348 | 301112013
Table 3
Delinquencies
Transaction Loan Additions Cornerstone Titan 2007-1 PLC Talisman-5 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Cornerstone Titan 2007-1 PLC Titan Europe 2007-2 Ltd. Talisman-7 Finance Ltd. Cornerstone Titan 2007-1 PLC Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Fleet Street Finance Three PLC Klimson Loan The Monkey Loan The Valentine Loan The DT-12 Loan The Fish Loan Wolfsburg Loan Toy Box Loan The Schubert Loan Hannover Project Middleton Loan Project Towergate Loan Saxony Senior Loan Cures/resolved Fleet Street Finance Three PLC Titan Europe 2006-3 PLC Talisman-5 Finance PLC Prominent CMBS Conduit No. 2 Ltd. Radamantis (European Loan Conduit No. 24) PLC Perseus (European Loan Conduit No. 22) PLC Windermere XIV CMBS Ltd. Taurus CMBS (Germany) 2006-1 PLC Orange Senior Loan Rivierstaete Office The Bird Loan Ambassador 15 Westferry Circus Mapeley Columbus The Queen Mary Loan The Hanse Centre Loan Portfolio The Netherlands The Netherlands Germany U.K. U.K. U.K. Germany Germany Mixed use Office Industrial Retail Office Mixed use Mixed use Retail Repaid with a loss Repaid with a loss Repaid with a loss Repaid with a loss Repaid Repaid Repaid Repaid Switzerland Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. Germany Retail Mixed use Mixed use Office Mixed use Mixed use Office Office Office Distribution warehouse Office Nursing homes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Jurisdiction Asset type Comment
Loan nonmonetary breaches and cures

There were three nonmonetary breaches, while four loans became delinquent. As a result, the number of loans in our nonmonetary breaches index decreased to 33 from 34 (see table 4). As shown in chart 3, the nonmonetary breach rate for: Outstanding euro-denominated senior loans increased to 4.78% from 3.69%; and Outstanding pound sterling-denominated senior loans increased marginally to 4.58% from 4.40%.
AUGUST 28, 2013 13

1184348 | 301112013
Chart 3
Table 4
Nonmonetary Breaches
Transaction Loan Jurisdiction Asset type Additions Infinity 2007-1 "Soprano" FCC DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. EHE - Pool 1A DFK Portfolio CGG- Tambelle REDO 3 Germany Germany Germany Retail Breach of LTV ratio covenant Mixed use Breach of LTV ratio covenant Mixed use Breach of LTV ratio covenant Comment
Cures/resolved, or transferred to our delinquencies index Talisman-7 Finance Ltd. Talisman-5 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC The Schubert Loan The Fish Loan The Valentine Loan The DT-12 Loan Germany Germany Germany Germany Office Mixed use Mixed use Office Delinquent Delinquent Delinquent Delinquent
Loan delinquencies and nonmonetary breaches data

See "Loan Delinquencies And Nonmonetary Breaches Data" below for our full delinquencies index (table 10), our full nonmonetary breaches index (table 11), as well as data on the legal maturity profile for pound sterling and euro transactions from 2013 to 2020 (chart 9), and term and maturity delinquencies for pound sterling and euro loans
AUGUST 28, 2013 14

1184348 | 301112013
(charts 10 and 11).
Specially Serviced Loans

Notices
Ten loans entered special servicing (see table 5). We removed seven loans from our special servicing index, three of which have repaid with a loss. Overall, the number of loans in our special servicing index increased to 165 in 61 transactions (see chart 4).
August notices
We expect loans in our special servicing index to increase in our next European CMBS monthly bulletin, with 18 loans scheduled to mature in August, three of which have already repaid.
Chart 4
AUGUST 28, 2013 15

1184348 | 301112013
Table 5
Specially Serviced Loans

Transaction Loan Additions Talisman-5 Finance PLC Titan Europe 2007-2 Ltd. Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Infinity 2007-1 Soprano FCC Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. Fleet Street Finance Three PLC The Monkey Loan Toy Box Loan Wolfsburg Loan Hannover EHE - Pool 1A Project Middleton Loan Project Towergate Loan DFK Portfolio CGG- Tambelle REDO 3 Saxony Senior Loan Cures/resolved Fleet Street Finance Three PLC Titan Europe 2006-3 PLC Talisman-5 Finance PLC Radamantis (European Loan Conduit No. 24) PLC Perseus (European Loan Conduit No. 22) PLC Windermere XIV CMBS Ltd. Taurus CMBS (Germany) 2006-1 PLC Orange Senior Loan Rivierstaete Office The Bird Loan 15 Westferry Circus Mapeley Columbus The Queen Mary Loan The Hanse Centre Loan Portfolio The Netherlands The Netherlands Germany U.K. U.K. Germany Germany Mixed use Office Industrial Office Mixed use Mixed use Retail Repaid with a loss Repaid with a loss Repaid with a loss Repaid Repaid Repaid Repaid Germany Germany Germany Germany Germany U.K. U.K. Germany Germany Germany Mixed use Office Mixed use Office Retail Distribution Warehouse Office Mixed use Mixed use Nursing Homes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Breach of LTV covenant Maturity payment default Maturity payment default Breach of LTV covenant Breach of LTV covenant Maturity payment default Jurisdiction Asset type Comment
Specially serviced loans data

See "Specially Serviced Loans Data" below for our full special servicing index (table 12), as well as data on loans in special servicing by sector for pound sterling, euro, and total loans (charts 12 and 13). Our "Loan Special Notice Tracker" illustrates recent loan-level events in the European CMBS transactions that we rate.
Ratings And Note-Level Matters

Ratings performance
Withdrawals. We withdrew our ratings on two classes of notes in two transactions.
AUGUST 28, 2013 16

1184348 | 301112013
Affirmations. We affirmed our ratings on 14 classes of notes in two transactions. Upgrades. There were no upgrades. Downgrades. We lowered our ratings on 26 classes of notes in nine transactions. Rating defaults. There was only one rating default.
Table 6
Rating Defaults
Transaction EuroProp (EMC VI) S.A. Class F Month rating lowered to 'D (sf)' July 2013 Original rating BB (sf) Rating immediately before 'D (sf)' CCC- (sf) Comment Interest shortfall
Transactions And Related Publications

Table 7
Transactions And Related Publications

Transaction Imser Securitisation 2 S.r.l. Alburn Real Estate Capital Ltd. FIP Funding S.r.l. Talisman 1 Finance PLC White City Property Finance PLC Taurus CMBS No. 2 S.r.l DECO 15 - Pan Europe 6 Ltd. DECO 12 - UK 4 PLC German Residential Funding PLC Debussy DTC PLC PROSCORE-VR 2005-1 PLC Crown Credit Services GmbH Immofori AG Taurus CMBS (Pan-Europe)2006-3 PLC Crown Mortgage Management Ltd. EuroProp (EMC VI) S.A. Article Ratings Lowered On Imser Securitisation 2's Class A CMBS Notes Following Italy Downgrade; Class B Ratings Affirmed All Ratings Lowered To 'CC (sf)' In U.K. CMBS Transaction Alburn Real Estate Capital On Principal Loss Expectations Ratings Lowered On CMBS Transaction FIP Funding's Class A1 And A2 Notes Following Italy Downgrade Rating Withdrawn On Talisman 1 Finance's Class G German CMBS Notes Following Redemption Single-Tranche Rating And SPUR Lowered On U.K. CMBS Transaction White City Property Finance After Counterparty Downgrade Ratings Lowered On Italian CMBS Transaction Taurus CMBS No. 2's Class B, C, D, And E Notes After Counterparty Downgrade Ratings Lowered On European CMBS Transaction DECO 15 - Pan Europe 6's Class A2, A3 Notes After Counterparty Downgrade Rating Lowered On U.K. CMBS Transaction DECO 12 UK 4's Class A-1 Notes After Counterparty Downgrade Rating Lowered On German CMBS Transaction German Residential Funding's Class A1 Notes After Counterparty Downgrade Rating Assigned To Debussy DTC's Class A U.K. CMBS Notes Rating Withdrawn On PROSCORE-VR 2005-1's Class E German CMBS Notes Following Redemption Ranking Affirmed As AVERAGE On Crown Credit Services As Primary And Special Servicer In Germany; Outlook Stable Ranking Withdrawn On Immofori As Special Servicer Of Residential And Commercial Mortgages In Germany Ratings Affirmed On Taurus CMBS (Pan-Europe) 2006-3's Class A To D Notes Following Review Crown Mortgage Management Servicer Rankings Affirmed; Residential Loan Special Servicer Ranking Raised To ABOVE AVERAGE Rating Lowered To 'D (sf)' On CMBS Transaction EuroProp (EMC VI)'s Class F Notes Following Interest Shortfall Date July 31, 2013 July 30, 2013 July 29, 2013 July 26, 2013 July 24, 2013 July 24, 2013 July 24, 2013 July 24, 2013 July 24, 2013 July 24, 2013 July 12, 2013 July 4, 2013 July 4, 2013 July 2, 2013 July 1, 2013 July 1, 2013
AUGUST 28, 2013 17

1184348 | 301112013
Chart 5
AUGUST 28, 2013 18

1184348 | 301112013
Chart 6
AUGUST 28, 2013 19

1184348 | 301112013
Chart 7
AUGUST 28, 2013 20

1184348 | 301112013
Chart 8
Table 8
Loans Maturing Over The Past Quarter

Loan maturity date May 5, 2013 Note final maturity date Apr 30, 2017 Loan balance 32,985,872 22,412,436
Transaction EuroProp (EMC VI) S.A. Vulcan (European Loan Conduit No. 28) Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) NEMUS II (Arden) PLC Windermere IX CMBS (Multifamily) S.A. DECO 14Pan Europe 5 B.V. Tahiti Finance PLC
Loan Epic Rhino Loan H&B Retail Portfolio II Loan 1
Jurisdiction Germany Germany
Asset type Multifamily housing Retail
Comment In standstill Defaulted/in standstill Repaid * *
May 7, 2013 May 15, 2017
France
Office
May 10, 2013 May 12, 2013 May 15, 2013 May 15, 2013
Jul 25, 2018
73,329,375
Chainmilll Properties Ltd. The Woba Mortgage Loan WOBA MF Tahiti Finance PLC
U.K. Germany
Office Multifamily housing Multifamily housing Hotel
Feb 15, 2020 Aug 22, 2016
40,000,000 518,625,153
Repaid Repaid
Germany U.K.
Oct 27, 2020
518,625,153 321,761,689
Repaid Repaid
May 24, May 24, 2015 2013
AUGUST 28, 2013 21

1184348 | 301112013
Table 8
Loans Maturing Over The Past Quarter (cont.)

Prominent CMBS Funding No. 1 PLC Infinity 2006-1 "Classico" DECO 8 - UK Conduit 2 PLC Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) Hypo Real Estate Bank AG (Estate Pan-Europe 5) DRACO (ECLIPSE 2005-4) PLC Windermere X CMBS Ltd. RIVOLI Pan Europe 1 PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Windermere XIV CMBS Ltd. Windermere X CMBS Ltd. Talisman-4 Finance PLC Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Titan Europe 2006-3 PLC Titan Europe 2007-3 Ltd. 1200404996 Chianti Upper King Street Ltd. Loan 2 U.K. Italy U.K. France Industrial Office May 25, 2013 Jun 1, 2016 Dec 20, 2032 Feb 15, 2024 Jan 27, 2036 Jul 25, 2018 21,720,000 346,715,696 842,150 190,600,000 Repaid with a loss Extended to June 2016 Awaiting information Repaid
Office Jun 20, 2013 Office Jun 28, 2013
Loan 27
Germany
Retail Jun 30, 2013
Jul 25, 2018
66,000,000
Repaid
Loan 28
France
Retail Jun 30, 2013
Jul 25, 2018
50,250,000
Repaid
Loan 4
France
Office Jun 30, 2013
Jul 25, 2018
57,000,000
Repaid
1 Trafalgar Square Falcon Crest Parque Principado The Barthonia Loan The DT-12 Loan The Fish Loan The Monkey Loan The Odin Loan Woolworth Boenen The Valentine Loan Skoduv Palace Loan Holmewood Chesterfield Loan Geneva Loan Hannover Klimson Loan Matrix Data Project Charles II Loan
U.K. Germany Spain Germany Germany Germany Germany Finland Germany Germany Czech Rep U.K.
Office Multifamily housing Retail Mixed use Office Mixed use Mixed use Distribution warehouse Distribution warehouse Mixed use
Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013 Jul 15, 2013
Oct 1, 2017 Oct 15, 2019 Aug 3, 2018 Jul 22, 2015 Jul 22, 2015 Oct 22, 2016 Oct 22, 2016 Apr 22, 2018 Oct 15, 2019 Jul 22, 2015 Apr 1, 2017 Oct 23, 2016
95,343,000 90,305,243 113,400,000 98,634,887 168,608,000 60,007,721 43,120,000 38,930,000 46,468,210 74,547,896 52,889,520 18,307,000
Repaid Repaid In standstill Awaiting information Defaulted Defaulted Defaulted Repaid Repaid with a loss Defaulted Extended to October 2013 Repaid * * * *
Office Oct 18, 2013 Industrial Jul 18, 2013
Switzerland Germany Switzerland The Netherlands U.K.
Industrial Office Retail Industrial Office
Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013
Jan 23, 2017 Jan 23, 2017 Jan 23, 2017 Jul 1, 2016 Oct 23, 2016
7,253,147 15,838,875 10,493,040 10,024,000 7,895,999
Repaid Defaulted/in standstill Defaulted Repaid Repaid with a loss * *
AUGUST 28, 2013 22

1184348 | 301112013
Table 8
Loans Maturing Over The Past Quarter (cont.)

Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2006-3 PLC Titan Europe 2007-2 Ltd. Cornerstone Titan 2007-1 PLC Fleet Street Finance Three PLC DECO 9 - Pan Europe 3 PLC Epic (Ayton) PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC Deco 17 - Pan Europe 7 Ltd. REC Plantation Place Ltd. Project Middleton Loan Project Towergate Loan Target Toy Box Loan Wolfsburg Loan Saxony Senior Loan Terranias Portfolio 214 Oxford St Edeka Retail Investco Estates Ltd. Ubrique Holdings Ltd. Holmes Care Portfolio Elbblick Plantation Place U.K. U.K. France Germany Germany Distribution warehouse Office Mixed use Office Mixed use Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 18, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 20, 2013 Jul 22, 2013 Jul 22, 2013 Jul 25, 2013 Oct 23, 2016 Oct 23, 2016 Jul 1, 2016 Apr 1, 2017 Jan 23, 2017 Oct 25, 2016 Jul 27, 2017 Oct 1, 2016 Oct 27, 2019 Jan 27, 2020 Jan 27, 2020 Jan 27, 2020 Jul 27, 2020 Jul 25, 2016 24,800,000 9,663,500 232,099,169 10,382,000 91,380,312 51,557,194 62,299,054 147,956,861 12,479,262 1,700,000 36,600,000 22,664,215 39,756,906 416,559,782 Defaulted Defaulted Awaiting information Defaulted/in standstill Defaulted/in standstill Defaulted Repaid Repaid Defaulted Awaiting information Repaid Repaid Awaiting information Repaid * * * * * *
Germany Nursing homes Switzerland U.K. Germany U.K. U.K. U.K. Germany U.K. Multifamily housing Retail Retail Distribution warehouse Residential Nursing homes Retail Office
*According to our data at the end of July 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12, respectively.
AUGUST 28, 2013 23

1184348 | 301112013
Chart 9
Table 9
Loans Maturing From August To December 2013

Loan maturity date Note final maturity date May 15, 2017 May 15, 2019 Oct 15, 2019 Nov 1, 2022 Nov 1, 2022 Aug 22, 2018 May 15, 2017 Loan balance (euro equivalent) 30,030,000
Transaction Vulcan (European Loan Conduit No. 28) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Windermere X CMBS Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. German Residential Funding PLC Vulcan (European Loan Conduit No. 28) Ltd.
Loan Tishman Munich Office II Margaux EDF
Jurisdiction Germany
Asset type
Comment Repaid
Mixed use Aug 7, 2013
France
Office Aug 7, 2013
134,371,823
Repaid
Lightning Dutch Ostend Neumarkt German Residential Funding PLC Tishman Hamburg Office
The Netherlands Belgium Germany Germany Germany
Office Retail Retail Multifamily housing Office
Aug 10, 2013 Aug 10, 2013 Aug 10, 2013 Aug 15, 2013 Aug 22, 2013
15,892,500 26,691,000 122,312,500 2,025,321,590 51,300,000
-Repaid ---*
AUGUST 28, 2013 24

1184348 | 301112013
Table 9
Loans Maturing From August To December 2013 (cont.)

Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC Quokka Finance PLC MESDAG (Charlie) B.V. Prominent CMBS Funding No. 1 PLC Credent Ltd. Titan Europe 2007-2 Ltd. MESDAG (Charlie) B.V. Alburn Real Estate Capital Ltd. Quality Parking 2007 B.V. Hypo Real Estate Bank International AG (ESTATE UK-3) CPUK Mortgage Finance Ltd. Hypo Real Estate Bank AG (Estate Pan-Europe 5) Windermere XI CMBS PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Annenhoele Domus Emersion Goniatat Norddeutschland Residential 2 Residential 4 Residential 5 Residential 6 Residential 7 Residential 9 Derrick 1200304120 Credent Ltd. Project Christie Loan TOR Alburn Real Estate Capital Ltd._Loan Quality Parking 2007 B.V. 123 775 Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany U.K. Germany Germany Germany U.K. The Netherlands / U.K. U.K. Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Multifamily housing Office Mixed use Retail Retail Multifamily housing Office Car Parks Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Aug 30, 2013 Sep 2, 2013 Sep 9, 2013 Sep 15, 2013 Sep 20, 2013 Sep 30, 2013 Oct 1, 2013 Oct 3, 2013 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Sep 1, 2016 Oct 31, 2019 Dec 20, 2032 Sep 15, 2016 Apr 1, 2017 Oct 31, 2019 Oct 1, 2016 Oct 1, 2016 19,066,821 37,675,829 176,554,410 31,307,947 67,833,357 71,709,283 20,655,387 28,507,307 45,690,969 25,310,755 31,139,661 3,177,073 57,600,000 297,845,000 300,703,279 14,037,990 108,615,491 300,000,000 ------------Repaid Repaid -Repaid --*
Office
Oct 5, 2013
Mar 20, 2022 Oct 10, 2018 Jul 25, 2018
13,290,466
--
CPUK Mortgage Finance Ltd. Loan 15
U.K. Germany
Leisure Multifamily housing Office
Oct 5, 2013 Oct 10, 2013 Oct 15, 2013 Oct 15, 2013 Oct 15, 2013
746,322,000 84,878,000
Repaid Repaid
The Government Income Portfolio Mortgage Loan The Penguin Loan The Mango Loan
U.K.
Apr 15, 2017 Oct 22, 2016 Oct 24, 2016
79,621,658
--
France Germany
Office Office
52,997,711 87,239,336
--*
AUGUST 28, 2013 25

1184348 | 301112013
Table 9

Talisman-6 Finance PLC Windermere X CMBS Ltd. INDUS (ECLIPSE 2007-1) PLC EQUINOX (ECLIPSE 2006-1) PLC INDUS (ECLIPSE 2007-1) PLC Opera Germany (No. 2) PLC INDUS (ECLIPSE 2007-1) PLC Titan Europe 2007-3 Ltd. Infinity 2007-1 Soprano FCC Infinity 2007-1 Soprano FCC Cornerstone Titan 2007-1 PLC Prominent CMBS Conduit No. 2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 14Pan Europe 5 B.V. The Pineapple Loan Thunderbird Pitch 2 Royal Mint Court Germany Germany U.K. U.K. Multifamily housing Multifamily housing Office Office Oct 15, 2013 Oct 15, 2013 Oct 16, 2013 Oct 16, 2013 Oct 17, 2013 Oct 17, 2013 Oct 17, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 18, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 24, 2016 Oct 15, 2019 Jan 1, 2020 Jan 25, 2018 Jan 1, 2020 Oct 20, 2014 Jan 1, 2020 Oct 23, 2016 Nov 5, 2019 Nov 5, 2019 Jan 23, 2017 Apr 26, 2019 Oct 23, 2016 Apr 1, 2017 Oct 23, 2016 Oct 23, 2016 Apr 1, 2017 Apr 26, 2019 Jan 23, 2017 Oct 27, 2019 Jul 27, 2020 Oct 25, 2019 Oct 27, 2019 Oct 27, 2019 Oct 27, 2020 48,692,786 90,967,361 22,219,075 70,096,625 ----* *
Alba Gate K KG & OP KG & SM KG & RRZ KG St George Project Regulator Loan EHE - Pool 1A EHE - Pool B Munster Loan Ambassador Norwich Union House Loan Skoduv Palace Loan Project Kennet Loan Quadrant House Loan Redbus Interhouse Loan Roade One Zana Centrum Loan Rubicon Nike Allokton Access Portfolio
U.K. Germany U.K. U.K. Germany Germany Germany U.K. U.K. Czech Rep U.K. U.K. The Netherlands U.K. Poland The Netherlands Sweden U.K.
Office Retail Office Office Retail Mixed use Retail Retail Office Office Office Office Office Distribution warehouse Office Office Mixed use Self storage
7,621,650 500,400,000 6,247,500 176,000,000 373,708,784 35,952,745 15,789,523 90,930,000 41,189,600 52,889,520 19,425,400 59,353,690 6,383,196 80,100,000 12,267,000 55,085,933 56,991,728 158,400,000
-------Repaid with a loss -----Repaid with a loss --Repaid Repaid * *
DFK Portfolio Emmen Wohncenter GA 1 MF
Germany Switzerland Germany
Mixed use Retail Multifamily housing
32,452,549 89,064,819 146,702,496
----
AUGUST 28, 2013 26

1184348 | 301112013
Table 9

Epic (Drummond) Ltd. Epic (Drummond) Ltd. DECO 10-Pan Europe 4 PLC Deco 17 - Pan Europe 7 Ltd. Triton (European Loan Conduit No. 26) PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC Epic (Drummond) Ltd. Fordgate Commercial Securitisation No.1 PLC Infinity 2007-1 Soprano FCC NEMUS II (Arden) PLC NEMUS II (Arden) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. FORNAX (ECLIPSE 2006-2) B.V. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. Prominent CMBS Conduit No. 2 Ltd. Immeo Residential Finance No.2 Ltd. European Property Capital 1 Hypo Real Estate Bank AG (Estate Pan-Europe 5) Giugliano 1 Giugliano 2 Lubeck Retail Mayne Nextra 2 UK Italy Italy Germany Germany U.K. Retail Retail Mixed use Retail Office Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 20, 2013 Oct 21, 2013 Jan 25, 2022 Jan 25, 2022 Oct 27, 2019 Jul 27, 2020 Oct 25, 2019 Jan 27, 2020 Jan 27, 2020 Oct 27, 2019 Oct 27, 2019 Jan 25, 2022 Oct 23, 2016 53,000,000 27,000,000 13,806,459 102,254,217 26,876,071 ------
Regent Capital Starcharm Ltd. Swisscom Toom DIY Zenon Fordgate Commercial Securitisation No.1 PLC UFG Fern Trustee 1 Ltd. and Fern Trustee 2 Ltd. Kirkglade Ltd. Babcock French Portfolio Henderson Hanau Shopping Centre Cassina Plaza
U.K. U.K. Switzerland Germany Greece U.K.
Distribution warehouse Distribution warehouse Office Retail Retail/car Parks Office
5,747,938 35,034,500 47,183,557 7,133,625 36,177,400 261,893,781
------*
France U.K.
Multifamily housing Office
Oct 21, 2013 Oct 31, 2013 Oct 31, 2013 Nov 7, 2013 Nov 7, 2013 Nov 10, 2013 Nov 10, 2013 Nov 10, 2013
Nov 5, 2019 Feb 15, 2020 Feb 15, 2020 May 15, 2017 May 15, 2017 Feb 20, 2019 Nov 1, 2022 Nov 1, 2022 Apr 26, 2019 Dec 15, 2016 Dec 31, 2013 Jul 25, 2018
2,540,100 41,325,836
Repaid -*
U.K. France
Office Office
126,855,235 26,035,444
---
Germany
Retail
18,900,000
--
Italy
Mixed use
39,888,550
--
LE_Croissant Petersbogen Lavincino Immeo Residential Finance No.2 Ltd. European Property Capital 1 Loan 5
Belgium Germany U.K. Germany France France
Office Retail
18,425,000 69,367,000 97,840,000 537,123,677 87,732,244 22,000,000
---Repaid Repaid Repaid *
Retail Dec 6, 2013 Multifamily housing Mixed use Office Dec 15, 2013 Dec 24, 2013 Dec 28, 2013
AUGUST 28, 2013 27

1184348 | 301112013
Table 9

FCT Infinity 2009-1 "Gamma" Master France Office Dec 31, 2013 Nov 1, 2019 80,673,520 --
*According to our data at the end of July 2013, these loans are either delinquent, in breach of nonmonetary obligations, or in special servicing (see our delinquencies, nonmonetary breaches, and special servicing indices in tables 10, 11, and 12, respectively.
Loan Delinquencies And Nonmonetary Breaches Data

Chart 10
AUGUST 28, 2013 28

1184348 | 301112013
Chart 11
Table 10
Delinquencies Index
Month added July 2012 December 2009 December 2009 October 2012 Special serviced loan Yes Yes Yes Yes Yes Yes Yes Yes
Transaction Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC
Loan Eagle Office Portfolio Jubilee Way Bradford West Midlands Office
Jurisdiction U.K. U.K. U.K. U.K. U.K. U.K. Germany Germany
Asset type Office Retail Retail Office Distribution warehouse Office Retail Office
Comment Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
Argos Distribution January 2013 Centre Lloyds Chamber October 2011
BHP January 2011 Deutsche Bahn January 2012
AUGUST 28, 2013 29

1184348 | 301112013
Table 10
Delinquencies Index (cont.)

Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC Eschborn German Retail Portfolio I German Retail Portfolio III Hannover Hornbach April 2011 April 2013 July 2010 July 2013 July 2011 Germany Germany Germany Germany Germany France Switzerland Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. U.K. Germany Germany Germany Germany Germany Germany Germany Office DIY Retail Office DIY Office Retail Industrial Leisure Retail Hotel Mixed use Office Retail Mixed use Retail Retail Mixed use Mixed use Retail Retail Retail Retail Retail Retail Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Principal payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default
Hugo January 2012 Klimson Loan Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Wolfsburg Loan Xanadu Edeka Retail Treveria II CPI Retail Active Management Wildmoor Northpoint Chesterton Commercial (Berks) Arcadia DD Karstadt Hilden Main July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 May 2012 October 2012 July 2012 December 2011 April 2010 April 2012 March 2010 September 2010 July 2011
Plus Retail January 2012 Karstadt Kompakt January 2011 Procom Schmeing November 2012 December 2012
AUGUST 28, 2013 30

1184348 | 301112013
Table 10

DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Epic (Drummond) Ltd. Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC Fleet Street Finance Three PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. GEMINI (ECLIPSE 2006-3) PLC Braeside Ltd. January 2011 Elbank Ltd. January 2013 Fairhold Portfolio Rowan UK Commercial Swiftgold Ltd. AWOBAG Commercial and Warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Ltd. Sandfile Ltd. Countrywide January 2013 November 2010 November 2010 July 2012 July 2012 November 2010 July 2012 December 2011 February 2010 June 2012 U.K. U.K. U.K. U.K. U.K. Germany U.K. U.K. U.K. U.K. U.K. Germany Finland U.K. Germany Germany Germany Germany Germany Germany Germany Austria Belgium Germany Germany U.K. Industrial Retail Residential ground rents Office Retail Multifamily housing Office Retail Mixed use Office Industrial Retail Mixed use Office Mixed use Multifamily housing Mixed use Mixed use Office Mixed use Nursing homes Car service workshops Retail Retail Retail Mixed use Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Scheduled Principal payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default
Project DD January 2011 St Mary's House Epic Horse Epic Rhino Sunrise II Sunrise Blue Star Senior Corleone Senior Loan Saxony Senior Loan October 2012 July 2010 July 2010 July 2012 July 2012 April 2012 April 2013 July 2013
ATU Austria January 2013 Century Center Kingbu Portfolio Netto Portfolio Gemini February 2013 October 2012 August 2012 November 2009
AUGUST 28, 2013 31

1184348 | 301112013
Table 10

Hypo Real Estate Bank International AG (ESTATE UK-3) JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. Opera Finance (CMH) PLC Quirinus (European Loan Conduit No. 23) PLC Quirinus (European Loan Conduit No. 23) PLC RIVOLI Pan Europe 1 PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. 140 202 April 2013 U.K. Office No Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default
MONHEIM
October 2012
Germany The Netherlands The Netherlands Ireland Germany
Office Office Office Office Retail
Yes Yes Yes Yes Yes
Dutch Offices I January 2012 Dutch Offices II January 2013 Opera Finance (CMH) January 2013 PLC Fairacre February 2011 November 2012
H & B Retail
Germany
Retail
Yes
Rive Defense January 2013 Metropolis Shopping Center Orazio Portfolio The DT-12 Loan The Valentine Loan February 2013 November 2012 July 2013 July 2013
France Italy Italy Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany
Office Retail Mixed use Office Mixed use Mixed use Mixed use Mixed use Retail Office Retail Retail Multifamily housing Office Office Mixed use Office
No Yes Yes Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes
Reindeer January 2013 The Fish Loan The Monkey Loan July 2013 July 2013
Apple January 2013 Coconut January 2012 Orange Peach Pineapple July 2012 July 2012 October 2012
Bach January 2012 Brahms Handel February 2010 October 2012
Haydn January 2012
AUGUST 28, 2013 32

1184348 | 301112013
Table 10

Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 plc Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC The Schubert Loan July 2013 Germany Germany Germany Germany Germany Germany Office Office Retail Office Retail Retail Yes Yes Yes Yes Yes Yes Interest payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Safeguarding proceedings has been issued by the Tribunal de Commerce de Paris. Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default
Wagner January 2012 Bremen (Haven/Project Norman) The Bewag Berlin Loan Portfolio The Walzmuhle Portfolio Triumph Loan June 2012 April 2013 January 2013 February 2013 February 2013 September 2012 February 2010 August 2009 October 2012 April 2012 July 2012 July 2012 April 2012
Leipzig Loan
Germany
Office
Yes
Dundee KQ Warehouse Mangusta Nuremberg Retail Distribution Centre Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet
U.K. Germany Germany Germany Germany Germany The Netherlands Germany Germany Germany Luxembourg France
Office Mixed use Mixed use Office Office Multifamily housing Hotel Office Mixed use Mixed use Office Mixed use
Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes
Quelle Nurnberg January 2013 Stage Syrdall Business Park Target April 2013 April 2011 April 2013
Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd.
Twin Squares (Prater) Quartier 206 Shopping Centre
May 2011 April 2010
Belgium Germany U.K. Germany France
Office Retail Healthcare Retail Office
Yes Yes Yes Yes Yes
Libra January 2009 Caprice January 2012 Nantes October 2011
AUGUST 28, 2013 33

1184348 | 301112013
Table 10

Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Victoria Funding (EMC-III) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Six Hotels January 2012 Toy Box Loan Bacchus July 2013 August 2009 Germany Germany U.K. U.K. U.K. U.K. U.K. U.K. Hotel Office Industrial Industrial Distribution warehouse Office Office Office Yes Yes Yes Yes Yes Yes Yes Yes Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest payment default
Project Koito January 2012 Project Middleton Loan Project Towergate Loan St. Mark's Court July 2013 July 2013 April 2012
City Point January 2012
Brisk Ltd. Guardian Bonn Rochustrasse H&B Retail Portfolio II Inovalis Eboue Paris Tishman German Office Portfolio The Spanish Loan (Heron City) Adductor Mulheim Nordostpark Redleaf I RedLeaf II
September 2011 February 2011 May 2013 November 2010 December 2010 December 2011 August 2012 April 2011 October 2012 February 2010 February 2013
U.K. Germany Germany France Germany Spain France Germany Germany Spain Spain U.K. U.K. U.K. Germany The Netherlands U.K.
Retail Office Retail Office Office Mixed use Office Office Office Retail Retail Office Office Office Retail Office Office
Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Maturity payment default Term payment default Maturity payment default Maturity payment default Maturity payment default Term payment default Term payment default
Amadeus January 2009 Government Income Portfolio Mortgage October 2012
Wood Green Mortgage January 2013 Built September 2011
Tresforte January 2010 Westville July 2009
AUGUST 28, 2013 34

1184348 | 301112013
Table 10

Windermere XII FCC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Coeur Defense The Baywatch Loan The Sisu Loan March 2009 April 2013 April 2013 France Germany Finland Office Mixed use Mixed use Yes Yes Yes Term payment default Maturity payment default Maturity payment default
Table 11
Nonmonetary Breaches Index

Transaction Alburn Real Estate Capital Ltd. BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Loan Alburn Real Estate Capital Ltd. Rivermead Court Month added May 2011 April 2013 Jurisdiction U.K. U.K. Asset type Office Office Comment Breach of the LTV ratio covenant Breach of ICR covenant *
Essen German Retail Portfolio II DFK Portfolio Mapeley Gamma Borehamwood Investments Limited and Oakdale Investments Limited LMM Overseas Investments CGG- Tambelle REDO 3 Elbblick Brunel Shopping Centre Mapeley Treveria 1 Zenon Ashbourne Portfolio A MacAllan Portfolio Henderson Staples Cassina Plaza Ashbourne Portfolio A
July 2010 June 2011 July 2013 October 2012 January 2012
Germany Germany Germany U.K. U.K.
Retail Retail Mixed use Office Mixed use
Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of LTV covenant Breach of the LTV ratio covenant Breach of the ICR covenant
* * * * *
DECO 12 - UK 4 PLC DECO 14Pan Europe 5 B.V. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 9 - Pan Europe 3 PLC Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EuroProp (EMC VI) S.A. FORNAX (ECLIPSE 2006-2) B.V. HERCULES (ECLIPSE 2006-4) PLC
September 2012 July 2013 April 2010 June 2011 October 2011 May 2010 September 2012 June 2011 November 2009 May 2010 April 2011 June 2011
U.K. Germany Germany U.K. U.K. Germany Greece U.K. U.K. Germany Italy U.K.
Office Mixed Use Retail Retail Office Retail Retail/car parks Nursing home Office Mixed use Mixed use Nursing home
Breach of the LTV ratio covenant Breach of LTV covenant Breach of the ICR covenant Breach of the DSCR covenant Breach of the ICR covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant Breach of the ICR covenant
* *
* * *
* *
AUGUST 28, 2013 35

1184348 | 301112013
Table 11
Nonmonetary Breaches Index (cont.)

Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. NEMUS II (Arden) PLC NEMUS II (Arden) PLC Talisman-4 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (U.K.) 2006-2 PLC Adelphi St George August 2009 February 2010 September 2011 July 2013 July 2009 April 2013 January 2009 August 2009 March 2009 September 2010 July 2010 January 2013 January 2013 March 2009 U.K. U.K. Office Office Breach of the LTV ratio covenant Breach of the LTV ratio covenant and the project ICR covenant Breach of the ICR covenant Breach of LTV covenant Anticipated breach of the ICR covenant Breach of LTV covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the LTV ratio covenant Breach of the ICR covenant * * * * * * * * * * *
Workspace Portfolio EHE - Pool 1A Neumarkt Petersbogen Senior Den Tir Fern Trustee 1 Ltd and Fern Trustee 2 Ltd Kirkglade Limited Barthonia Mango Bruckner Hof Times Square Sutton Limited
U.K. Germany Germany Germany Belgium U.K. U.K. Germany Germany Germany Germany U.K.
Distribution warehouse Retail Retail Retail Office Office Office Mixed use Office Multifamily housing Car showrooms Retail
*According to our data at the end of July 2013, these loans are in special servicing (see our special servicing index, table 12). LTV--Loan-to-value. ICR--Interest coverage ratio. DSCR--Debt service coverage ratio.
Specially Serviced Loans Data
AUGUST 28, 2013 36

1184348 | 301112013
Chart 12
AUGUST 28, 2013 37

1184348 | 301112013
Chart 13
AUGUST 28, 2013 38

1184348 | 301112013
Chart 14
Table 12
Special Servicing Index

Transaction BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2005-2 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Loan Rivermead Court Eagle Office Portfolio Jubilee Way Bradford West Midlands Office Argos Distribution Centre Lloyds Chamber BHP Month added April 2013 July 2012 April 2009 September 2009 October 2012 January 2013 October 2011 January 2011 Jurisdiction U.K. U.K. U.K. U.K. U.K. U.K. U.K. Germany Asset type Office Office Retail Retail Office Distribution warehouse Special Servicer Barclays Capital Mortgage Servicing Limited Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Solutus Advisors Ltd. Capita Assets Services
Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd.
AUGUST 28, 2013 39

1184348 | 301112013
Table 12
Special Servicing Index (cont.)

Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC Deutsche Bahn Eschborn January 2012 April 2011 Germany Germany Germany Germany Germany Germany Germany Germany Switzerland Germany Germany Germany Germany Germany Germany Germany Germany Germany U.K. U.K. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. DIY Capita Assets Services
Essen August 2010 German Retail Portfolio I German Retail Portfolio II German Retail Portfolio III Hannover Hornbach Klimson Loan Koblenz/Pforzheim Stade Star Steigenberger Hotel Loan Wolfsburg Loan Xanadu DFK Portfolio Edeka Retail Treveria II CPI Retail Active Management Mapeley Gamma April 2013 April 2011 May 2011 July 2013 June 2011 July 2013 October 2011 October 2011 April 2012 April 2013 July 2013 January 2012 July 2013 October 2012 July 2012 November 2010 October 2012 April 2010 January 2012 May 2012 September 2012
Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services
DIY Capita Assets Services (UK) Ltd. Retail Capita Assets Services
Industrial Capita Assets Services (UK) Ltd. Leisure Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Hotel Mixed Use Capita Assets Services Capita Assets Services
Office Capita Assets Services (UK) Ltd. Mixed Use Retail Mixed use Retail Office Deutsche Bank AG London branch Deutsche Bank AG London branch Deutsche Bank AG London branch Solutus Advisors Ltd. Hatfield Philips International Ltd. and Capmark Services U.K. Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Wildmoor Northpoint Borehamwood Investments Ltd.and Oakdale Investments Ltd. Chesterton Commercial (Berks) LMM Overseas Investments
U.K. U.K.
Retail Mixed use
DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC
U.K. U.K.
Mixed use Office
AUGUST 28, 2013 40

1184348 | 301112013
Table 12

DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 14Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 15 - Pan Europe 6 Ltd. Deco 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 9 - Pan Europe 3 PLC DECO Series 2005-Pan Europe 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Arcadia March 2010 Germany Retail Deutsche Bank AG, London branch, and Hatfield Philips International Ltd. Deutsche Bank AG London branch and Hatfield Philips International Ltd. Deutsche Bank AG London branch and Hatfield Philips International Ltd. (WOBA loan) Deutsche Bank AG London branch Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Solutus Advisors Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Deutsche Bank AG and Hatfield Philips International Ltd. Hatfield Philips International Ltd.
DD Karstadt Hilden
December 2010 July 2013
Germany
Retail
CGG- Tambelle REDO 3
Germany
Mixed Use
Mansford Nord Bayern Main Plus Retail Rockpoint Brunel Shopping Centre Mapeley Karstadt Kompakt Procom Schmeing Braeside Limited Elbank Limited Fairhold Portfolio Swiftgold Limited The Rowan UK Commercial Treveria I AWOBAG Commercial and warehouse CPI Retail Active Management Heathvale Estates Ltd. Holaw (420) Limited Sandfile Ltd.
December 2012 July 2011 January 2012 January 2012 June 2011 October 2011 December 2010 November 2012 December 2012 January 2011 January 2013 January 2013 October 2012 November 2010 July 2010 July 2012 July 2012 Unknown July 2012 December 2011 July 2012
Germany Germany Germany Germany U.K. U.K. Germany Germany Germany U.K. U.K. U.K. U.K. U.K. Germany Germany U.K. U.K. U.K. U.K. U.K.
Retail Retail Retail Retail Retail Office Retail Retail Retail Industrial Retail Ground rents Retail Office Retail Multifamily housing Office Retail Mixed use Office Industrial
AUGUST 28, 2013 41

1184348 | 301112013
Table 12

Epic (Drummond) Ltd. EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC European Property Capital 3 PLC EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 Fleet Street Finance Three PLC Fleet Street Finance Three PLC FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. FORNAX (ECLIPSE 2006-2) B.V. GEMINI (ECLIPSE 2006-3) PLC HERCULES (ECLIPSE 2006-4) PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC Infinity 2007-1 Soprano FCC JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. JUNO (ECLIPSE 2007-2) Ltd. Countrywide Ashbourne Portfolio A MacAllan Portfolio Royal Mint Court St Mary's House Randstad Epic Horse Epic Rhino Project Ash Sunrise II Sunrise Blue Star Senior Saxony Senior Loan ATU Austria Century Center Kingbu Portfolio January 2013 June 2011 November 2009 December 2012 October 2012 October 2010 July 2010 July 2010 November 2011 July 2012 July 2010 April 2012 July 2013 January 2013 February 2013 October 2012 Germany U.K. U.K. U.K. U.K. The Netherlands Germany Germany Germany Germany Germany Germany Germany Austria Belgium Germany Germany U.K. U.K. U.K. U.K. Germany Germany Germany Belgium Retail Royal Bank of Scotland
Nursing home Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Office Office Mixed use Multifamily housing Multifamily housing Mixed use Mixed use Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd. GMAC Commercial Mortgage Servicing (U.K.) Ltd. Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC Citibank International PLC, London branch
Office Capita Assets Services (UK) Ltd. Nursing Homes Car service workshops Retail Retail Retail Capita Assets Services Barclays Capital Mortgage Servicing Ltd. Hatfield Philips International Ltd. Barclays Capital Mortgage Servicing Ltd. Barclays Capital Mortgage Servicing Ltd.
Netto Portfolio August 2012 Gemini August 2008 Ashbourne Portfolio A Adelphi Workspace Portfolio EHE - Pool 1A Monheim Neumarkt Senior Den Tir June 2011 January 2011 September 2011 July 2013 October 2012 July 2009 January 2009
Mixed use Capita Assets Services (UK) Ltd. Nursing home Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Distribution Capita Assets Services (UK) Ltd. warehouse Retail Office Capita Assets Services Barclays Capital Mortgage Servicing Ltd.
Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd.
AUGUST 28, 2013 42

1184348 | 301112013
Table 12

MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. NEMUS II (Arden) PLC NEMUS II (Arden) PLC Opera Finance (CMH) PLC Quirinus (European Loan Conduit No. 23) PLC Quirinus (European Loan Conduit No. 23) PLC Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Silenus (European Loan Conduit No. 25) Ltd. Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-5 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-6 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Dutch Offices I Dutch Offices II Carlton Fern Loan Opera Finance (CMH) PLC Fairacre October 2011 April 2012 December 2008 April 2013 January 2013 January 2011 November 2012 The Netherlands The Netherlands U.K. U.K. Ireland Germany Office Office Mixed use Office Office Retail Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. CB Richard Ellis Loan Servicing Ltd. Eurohypo AG, London branch Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
H & B Retail
Germany
Retail
Aprirose Munich Thun August 2011 Aprirose Retail Bonndorf August 2011 Metropolis Shopping Center Orazio Portfolio Barthonia DT-12 Valentine Fish Reindeer The Monkey Loan Apple Coconut Mango Pineapple Bach Brahms Bruckner Handel February 2013 May 2011 February 2011 December 2012 December 2012 November 2012 January 2013 July 2013 January 2013 January 2012 May 2011 March 2012 January 2012 November 2011 January 2013 October 2012
Germany Germany Italy Italy Germany Germany Germany Germany Finland Germany Germany Germany Germany Germany Germany Germany Germany Germany
Retail Retail Retail Mixed use Mixed use Office Mixed use Mixed use Mixed use Mixed Use Retail Office Office Multifamily housing Office Office Multifamily housing Mixed use
AUGUST 28, 2013 43

1184348 | 301112013
Table 12

Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Germany) 2006-1 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Taurus CMBS (U.K.) 2006-2 PLC Taurus CMBS (U.K.) 2006-2 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-5 plc Haydn Hof Mozart The Schubert Loan Wagner Bremen (Haven/Project Norman) Ruhr Portfolio (Larmag) The Bewag Berlin Loan Portfolio The Walzmuhle Portfolio Triumph Loan November 2011 January 2013 April 2010 April 2013 August 2010 November 2010 January 2011 April 2013 January 2013 February 2013 February 2013 September 2012 March 2009 November 2009 June 2008 January 2013 July 2012 September 2012 September 2009 September 2009 April 2013 April 2011 April 2013 May 2011 April 2013 Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Office Car showrooms Mixed use Office Office Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Retail Capita Assets Services Capita Assets Services
Retail Capita Assets Services (UK) Ltd.
Leipzig Loan
Germany
Office
Barclays Capital Mortgage Servicing Ltd.
Dundee Times Square Sutton Limited KQ Warehouse Mangusta Tiden Portfolio Margaux Portfolio Kurhaus Hotel Monnet Portfolio Quelle Nurnberg Stage Syrdall Business Park Target Twin Squares (Prater) Carat Park Shopping Centre Loan
U.K. U.K. Germany Germany Germany Germany The Netherlands Germany/Belgium Germany Germany Luxembourg France Belgium Germany
Office Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Mixed use Mixed use Office Multifamily housing Hotel Office Mixed use Mixed Use Office Mixed Use Office Retail Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
AUGUST 28, 2013 44

1184348 | 301112013
Table 12

Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-2 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Victoria Funding (EMC-III) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. White Tower Europe 2007-1 PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Windermere VII CMBS PLC Quartier 206 Shopping centre Libra Caprice Cobalt Loan MPC Portfolio Nantes Six Hotels Skoduv Palace Toy Box Loan April 2010 November 2008 January 2012 February 2013 March 2012 October 2011 January 2012 November 2012 July 2013 Germany U.K. Germany Finland The Netherlands France Germany Czech Republic Germany U.K. U.K. U.K. U.K. U.K. U.K. Retail Hatfield Philips International Ltd.
Healthcare Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Retail Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Hotel Capita Assets Services (UK) Ltd. Office Capita Assets Services (UK) Ltd. Office Capita Assets Services
Bacchus August 2009 Project Koito Project Middleton Loan Project Towergate Loan St. Mark's Court City Point January 2012 July 2013 July 2013 April 2012 February 2012 September 2011 April 2010 May 2013 October 2010 July 2011
Industrial Capita Assets Services (UK) Ltd. Industrial Capita Assets Services (UK) Ltd. Distribution Warehouse Office Capita Assets Services Capita Assets Services
Office Capita Assets Services (UK) Ltd. Office Morgan Stanley Mortgage Servicing Ltd. Citibank International PLC Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Morgan Stanley Mortgage Servicing Ltd. Hatfield Philips International Ltd. and Socit Gnrale Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd.
Brisk Limited Guardian Bonn Rochustrasse H&B Retail Portfolio II Inovalis Eboue Paris Spanish (Heron City)
U.K. Germany Germany France Spain France Germany Germany Spain Spain
Retail Office Retail Office Mixed use Office Office Office Retail
Adductor August 2012 Mulheim Nordostpark Redleaf I RedLeaf II April 2011 November 2011 September 2009 February 2013
Retail Capita Assets Services (UK) Ltd.
AUGUST 28, 2013 45

1184348 | 301112013
Table 12

Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XII FCC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. Amadeus Government Income Portfolio Mortgage Wood Green Mortgage Built Tresforte Westville Coeur Defense Baywatch The Sisu Loan December 2008 October 2012 June 2011 September 2011 January 2010 July 2009 February 2009 September 2012 April 2013 U.K. U.K. U.K. Germany The Netherlands U.K. France Germany Finland Office Office Office Retail Office Mixed use Office Mixed use Mixed Use Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. Hatfield Philips International Ltd. CB Richard Ellis Loan Servicing Ltd. Hatfield Philips International Ltd. and ABN AMRO Bank N.V. Hatfield Philips International Ltd. and ABN AMRO Bank N.V.
Table 13
Special Notice Tracker For Notices Received

Notice (directly quoted from special loan-level and transaction-level notices received from various transaction participants) Notice that the joint receivers appointed in respect of the Propcos have entered into a binding contract with Kennedy Wilson and Vrde to sell the Properties of the Propcos. The purchase price agreed was 306m less a rental apportionment adjustment. The proceeds of the sale are due to be received by the joint receivers on 18 July 2013 and by the Issuer shortly thereafter. Notice regarding Servicing Transfer Event in relation to Klimson Loan. Notice that Standstill agreement for Orazio Loan has been further extended until 07 August 2013. Notice that the Special Servicer has confirmed that that a further draw-down in accordance with the capex facility agreement was made by Beacon Capital Partners as Asset Manager on 31 May 2013. Notice that the Borrowers have paid funds in the amount of 2,059,771,838.57 being the total amount of principal and interest due on the Loan accrued up to 15 August 2013. Notice that the New Investment Adviser has been appointed and amendments in loan agreement. Notice regarding results of meeting. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Transaction Opera Finance (CMH) PLC
Loan Transaction level Notice
Notice topic Property Sales
Cornerstone Titan 2007-1 PLC Silenus (ELOC No. 25) Ltd. Ulysses (ELOC No. 27) PLC
Klimson Loan Orazio loan Transaction level Notice
Transfer to Special Servicing Standstill Agreement Other
German Residential Funding PLC INDUS (ECLIPSE 2007-1) PLC GEMINI (ECLIPSE 2006-3) PLC FIP Funding S.r.l. Taurus CMBS No. 2 S.r.l. Windermere Private Placement I S.A.
Transaction level Notice
Loan Repaid
Nos. Portfolio Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice
Other Noteholder Meeting Other Other Other
AUGUST 28, 2013 46

1184348 | 301112013
Table 13
Special Notice Tracker For Notices Received (cont.)

Imser Securitisation 2 S.r.l. Patrimonio Uno CMBS S.r.l. FORNAX (ECLIPSE 2006-2) B.V. Infinity 2006-1 "Classico" Cirene Finance S.r.l. Silenus (ELOC No. 25) Ltd. DECO 14 - Pan Europe 5 B.V. Windermere X CMBS Ltd. JUNO (ECLIPSE 2007-2) Ltd. Epic (Drummond) Ltd. Windermere XIV CMBS Ltd. Titan Europe 2007-2 Ltd. Transaction level Notice Transaction level Notice Transaction level Notice Other Other Other Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Project Christie Whole Loan
Other Other Other Other Other Other Other Other Extension
Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding extension of maturity date of the Project Christie Loan until 20 September 2013 to permit the Borrower to achieve a sale or refinancing of the Properties financed by the Project Christie Whole Loan. Notice regarding agreement to sell Countrywide Kaufland Properties. Notice that an amount equal to 147,956,861.39 has been received in full repayment of the 214 Oxford Reference Obligation. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding "Subordinate Lender Control Valuation Event" and "Controlling Class Representative". Notice regarding NAV and rental growth prospects Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions. Notice regarding Property Sales of Rhyd-Y-Car BP, Merthyr Tydfil and Hercules House, Waterloo under the Mapeley Loan. Notice regarding the Dependent Information and rating actions. Notice regarding the Dependent Information and rating actions.
Epic (Drummond) Ltd. Epic (Ayton) PLC
Countrywide Kaufland 214 Oxford St
Property Sales Loan Repaid
Ares Finance 2 S.A. Patrimonio Uno CMBS S.r.l. FIP Funding S.r.l. Cirene Finance S.r.l. Taurus CMBS (Pan-Europe) 2006-3 PLC UNITE (USAF) PLC FIP Funding S.r.l. Imser Securitisation 2 S.r.l. DECO 6 - UK Large Loan 2 PLC ASAR International S.A. FIP Funding S.r.l.
Transaction level Notice Transaction level Notice Transaction level Notice Transaction level Notice Triumph Loan
Other Other Other Other Other
Transaction level Notice Transaction level Notice Transaction level Notice Mapeley Loan Transaction level Notice Transaction level Notice
Other Other Other Property Sales Other Other
AUGUST 28, 2013 47

1184348 | 301112013
Table 13

DECO 9 - Pan Europe 3 PLC Perseus (ELOC No. 22) PLC Titan Europe 2007-2 Ltd. Cornerstone Titan 2006-1 PLC DECO 10-Pan Europe 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. RIVOLI Pan Europe 1 PLC Talisman-5 Finance PLC Treveria II Mapeley Loan Cobalt Loan Argos Distribution Centre Loan Edeka Loan Mansford Nord Bayern Loan Mansford Nord Bayern Loan Transaction level Notice Bird Loan Standstill Agreement Notice regarding extension of Standstill Agreement from 17 July 2013 until 30 November 2013.
Loan Repaid Notice that the Mapeley Loan has repaid in full on 12 July 2013. Other Property Sales Other Notice regarding Restructuring of one of the tenants of Cobalt Loan and Valuation and appointment of advisors. Notice regarding Exchange of contracts on Argos Distribution Centre for sale. Notice of Consent issued by the Issuer Special Sevicer.
Other Notice of Consent issued by the Issuer Special Sevicer - Hatfield Phillips. Other Noteholder Meeting Repaid with Loss Notice of Consent and Waiver issued by the Issuer Special Sevicer - Hatfield Phillips. Notice regarding results of meeting held on 15th July 2013. Notice that the Issuer Special Servicer has made a Final Recovery Determination in respect of the Bird Loan and has calculated the amount of such Final Recovery Determination to be EUR 10452010.31 . Notice regarding Downgrade of Notes by Fitch Notice that the standstill agreement has been extended further to 6th October 2013. Notice that the sale of Daventry, Railport Approach, DIRFT, NN6 7ES by the fixed charge receivers completed on 15th July 2013 for a total consideration of 35,000,000.
Talisman-6 Finance PLC Cornerstone Titan 2007-1 PLC GEMINI (ECLIPSE 2006-3) PLC GRAND PLC
Transaction level Notice Koblenz/Pforzheim Loan Daventry
Other Standstill Agreement Property Sales
Full Redemption Notice that following repayment of the Senior REF Notes in full, the Issuer will redeem all of the Notes in full on the Note Payment Date falling on 22 July 2013. Repaid with Loss Loan Repaid Property Sales Property Sales Notice that the Rivierstaete Property Loan has been sold for 18,500,000. Notice regarding Repayment of Phoenix Mortgage Loan and Firefly Mortgage Loan in full. Notice regarding General Update on the Thunderbird Whole Loan - Required repayment of 41 million Euro completed Notice that the Westville Mortgage Property known as 'Withercock Warehouse, Gallows Corner Romford' was sold for 875000 pounds on 21st June, 2013. Notice that the Odin Loan has been refinanced and repaid in full. Notice regarding Share appropriation and Standtill Agreement in relation to the Baywatch Whole Loan. Notice regarding property sales reconciliation being completed.
Titan Europe 2006-3 PLC Windermere VII CMBS PLC Windermere X CMBS Ltd. Windermere XI CMBS PLC Windermere XIV CMBS Ltd. Windermere XIV CMBS Ltd. EQUINOX (ECLIPSE 2006-1) PLC Talisman-5 Finance PLC Cornerstone Titan 2007-1 PLC Talisman-4 Finance PLC
Rivierstaete Office Phoenix Mortgage Loan and Firefly Mortgage Loan Thunderbird Whole Loan Westville Mortgage Loan
Odin Loan Baywatch Whole Loan Macallan/Kiells Loan
Loan Repaid Standstill Agreement Property Sales
Monkey Loan Steigenberger Hotels Loan
Transfer to Special Servicing/Valuation Standstill Agreement
Notice regarding Monkey Event of Default; no repayment on Loan maturity date/New valuation of Moneky Property. Notice that the Special Servicer granted the request of the Steigenberger Hotel Rhineland Pfalz Borrower and agreed to a further standstill till 17 October 2013. Notice that an Event of Default has occurred on DT-12 Loan as 168,212,000 is outstanding as of 16th July 2013.
DT-12 Loan
Default
AUGUST 28, 2013 48

1184348 | 301112013
Table 13

Talisman-4 Finance PLC Talisman-7 Finance Ltd. Talisman-7 Finance Ltd. Taurus CMBS (Pan-Europe) 2007-1 Ltd. Cornerstone Titan 2007-1 PLC Silenus (ELOC No. 25) Ltd. Talisman-4 Finance PLC Windermere XIV CMBS Ltd. RIVOLI Pan Europe 1 PLC Opera Finance (CMH) PLC Radamantis (ELOC No. 24) PLC EuroProp (EMC VI) S.A. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Opera Finance (CMH) PLC LCP Proudreed PLC Talisman-5 Finance PLC Titan Europe 2007-2 Ltd. Valentine Loan Bach Loan Bach Loan Leipzig Loan Default Property Sales Property Sales Other Notice that an Event of Default has occurred on Valentine Loan as 74,347,699.36 pounds is outstanding as of 16th July 2013. Notice regarding consent for sale of Bach Loan asset Platz der deutschen Einheit 4 for 1,300,000 Euro agreed sale price. Notice regarding consent for sale of Bach Loan asset Goseriede 10-12 for 11,300,000 Euro agreed sale price. Notice regarding amendments made to the Leipzig Loan agreement Facility following an event of default. Notice that the Wolfsburg Loan defaulted and has been transferred to special sevicing. Notice that the Antony Parc Office Loan has been given a loan extension upto August 07 2014. Notice regarding sale of Barthonia Whole Loan for 86,544,175.18 and extension of the standstill period on the same loan. Notice regarding Appointment of Mount Street Loan Solutions LLP as General Special Servicer. Notice regarding update on the Court ruling of the Safeguard Proceeding. Notice that the Noteholder's meeting held on 19th July was dissolved due to insufficient quorum Notice that theWestferry Circus Securitised Loan has repaid in full on 22 July 2013 - Principal Recovery Funds are 94,891,597.06 Notice that the Gutperle Loan standstill Agreement expired and its now a Specially Serviced Loan. Notice regarding Note Principal Payments and Principal Amount Outstanding. Notice that the final Credit Protection Payment Amount in relation to the Ambassador Reference Obligation has been determined as 47,719,541.57 Notice regarding distribution of sales proceeds and viability of calling for Extraordinary General meetings. Notice that a partial prepayment of the relevant Commercial Mortgage Loan Agreement in the amount of 7,093,485 will be made on 25 August 2013 Notice that 72,255,874 EUR due on 15 July 2013 on the Fish Whole Loan was unpaid by the Borrower resulting in a Loan Event of Default. Notice that the Toy Box loan failed to repay in full the amount due and payable on the Loan Maturity Date on 18th July 2013, hence the loan has been tranfered to Special Servicing and the standstill agreement has been extended until 18th Oct 2013. Notice regarding advances requested on GRP II Notice regarding Share Sale and Asset Sale in relation to the Deutsche Bahn Borrowers - Deutsche Bahn Portfolio Loan. Notice that on 18 July 2013, the Borrower failed to repay all amounts outstanding on the Loan on the final maturity date falling on 18 July 2013 this constitutes a Loan Event of Default. Notice that as of 15 July 2013 the Interest and prinicipal is due and unpaid on the Shubert Loan which constitutes a Loan Event of Default.
Wolfsburg Loan Antony Parc Office Loan Barthonia Whole Loan
Transfer to Special Servicing Loan Extension Property Sales
Transaction level Notice Transaction level Notice Transaction level Notice 15 Westferry Circus
Other Other Noteholder Meeting Loan Repaid
Gutperle Loan Ambassador Reference Obligation Ambassador Reference Obligation Transaction level Notice Transaction level Notice
Standstill Agreement Other Repaid with Loss
Property Sales Part Redemption
Fish Whole Loan
Default
Toy Box Loan
Transfer to Special Servicing, standstill agreement Other Property Sales Default
Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Talisman-7 Finance Ltd.
Transaction level Notice Deutsche Bahn Portfolio Loan Klimson Loan
Schubert Loan
Default
AUGUST 28, 2013 49

1184348 | 301112013
Table 13

Triton (ELOC No. 26) PLC DECO 11 UK Conduit 3 p.l.c Titan Europe 2007-2 Ltd. Mall Funding PLC (The) DECO 14 - Pan Europe 5 B.V. Cornerstone Titan 2007-1 PLC Access Portfolio Ubrique Holdings Loan Holmes Care Portfolio Skoduv Palace Loan Intercompany Loan GA 1 MF Hannover Loan Loan Repaid Loan Repaid Other Partial Loan Repayment Loan Repaid Notice that the Access Self Storage Loan has pre-paid in full on 22 July 2013 - GBP 158,400,000. Notice that loan repaid in its entirety this Interest Payment Date. Notice regarding the Advance requested on Skoduv Palace Loan. Notice that Intercompany Loan has partially prepaid. Notice that the loan pre-paid in full on 22nd July 2013, 3 months ahead of the maturity date on 20th Oct 2013.
Transfer to Special Notice that the Borrower under the Hannover Loan failed to Servicing repay in full the amounts due and payable on the Loan Maturity Date on 18 July 2013 which constitutes a Loan Event of Default. Thus the Hannover Loan became a Specially Serviced Loan as of 19 July 2013. Standstill Agreement Other Standstill Agreement Other Other Counterparty Partial Loan Repayment Other Default Other Other Transfer to Special Servicing Transfer to Special Servicing Appointment of Receiver Notice that the Special Servicer agreed to a standstill on the Wolfsburg Loan due to terminate on October 18th 2013. Notice regarding the Dependent Instrument and rating actions. Notice regarding Enforcement of Voting Rights and Standstill Agreement on Mansford Nord Bayern Loan. Notice regarding the Dependent Instrument and rating actions. Notice regarding the Dependent Instrument and rating actions. Notice regarding the credit default swap between RBS and the Issuer in relation to the Terry Reference Obligation. Notice regarding Partial prepayment and reduction of the FLR. Notice regarding the Dependent Instrument and rating actions. Notice regarding Event of Default and Transfer of the EHE Pool 1A Reference Obligation to Special Servicing. Notice that the Managed Sell Down Period has been extended further by 3 months. Notice regarding the Dependent Instrument and rating actions. Notice regarding the Non-Payment of the Middleton Loan which constitutes a Loan Event of Default. Notice regarding Non-Payment and Breach of Interest Cover Ratio with respect to the Towergate Loan. Notice that the Special proposes to Appoint Receivers in respect of the properties and selling the same for 64,500,000 pounds. Notice regarding waiver issued by REF Note Servicer in respect of the Notice Requirement. Notice requesting S&P to withdraw ratings on Notes with immediate effect. Notice regarding the Quarterly Borrower Manager Report.
Cornerstone Titan 2007-1 PLC FIP Funding S.r.l. DECO 14 - Pan Europe 5 B.V. Annington Finance No. 4 PLC Eddystone Finance PLC Epic (Brodie) PLC Fleet Street Finance Two PLC Longstone Finance PLC Infinity 2007-1 ''Soprano'' FCC Infinity 2007-1 ''Soprano'' FCC MESDAG (Charlie) B.V. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Cornerstone Titan 2006-1 PLC GRAND PLC BELLATRIX (ECLIPSE 2005-2) PLC White City Property Finance PLC
Wolfsburg Loan Transaction level Notice Mansford Nord Bayern Loan Transaction level Notice Transaction level Notice Terry Reference Obligation Senior B Loan Transaction level Notice EHE Pool 1A Reference Obligation EHE Pool 1B Reference Obligation Transaction level Notice Middleton Loan Towergate Loan Brecon Properties & Lloyds Chambers Transaction level Notice Transaction level Notice
Other Other
Other
AUGUST 28, 2013 50

1184348 | 301112013
Table 13

DECO 10-Pan Europe 4 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2005-2 PLC DECO 7 - Pan Europe 2 PLC Edeka Retail Loan Star Loan West Midlands Office Loan Karstadt Kompakt Loan Default Notice regarding Edeka Retail Loan Payment Default, Enforcement of Voting Rights and Standstill Agreement.
Standstill Agreement Notice regarding Extension of Standstill Period in relation to the Star Whole Loan until close of business on 18 October 2013. Appointment of Receiver Property Sales Notice regarding Acceleration and Appointment of LPA Receiver. Notice that Sales of the Karstadt Kompakt Properties in Grlitz and Bocholt were notarised on 21 June 2013 for a gross sales price of EUR 2.3m and on 18 July 2013 for a gross sales price of EUR 6.5m respectively. Notice that the Standstill period has been further extended to 15 October 2013 to allow time for on-going negotiations in respect of the sale of the Property. Notice regarding Partial repayment of Margaux Portfolio Loan 9,000,000 and appointment of a Project Monitor. Notice that The Special Servicer has agreed to grant a further extension to the Skoduv Palace Loan, expiring 18 October 2013. Notice that the following properties were sold: Ilsfeld Property for 1,155,000, Arnstorf Property for 1,400,000, Neumarkt Property for 1,100,000, Dren Property for 2,100,000. Notice that Lehman Brothers International (Europe) resigned as Security Agent and GSI Facility Agent and was replaced by Hatfield Phillips Agency Services Limited. Notice that Hatfield Philips International intends to hold a general discussion on insolvency proceedings in Germany to be held on Tuesday, 30 July 2013 from 3:00 6:30 pm at the office of Olswang in London.
EQUINOX (ECLIPSE 2006-1) PLC Titan Europe 2006-2 PLC Titan Europe 2007-2 PLC Talisman-6 Finance PLC Windermere XIV CMBS Ltd. Talisman-6 Finance PLC
St. Mary's Court
Standstill Agreement
Margaux Portfolio Loan Skoduv Palace Loan
Partial Loan Repayment Loan Extension
Apple Whole Loan
Property Sales
GSI Loan
Other
Other
Deutsche Bank Luxembourg S.A. Quirinus (European Loan Conduit No. 23) plc Opera Finance (CMH) PLC Prominent CMBS Conduit No. 2 Ltd. Fleet Street Finance Three p.l.c. Windermere VIII CMBS PLC
Other Notice that Deutsche Bank Luxembourg S.A. (the Fiduciary) has issued Class A1, A2, A3, A4, A5 Fiduciary notes which are due on July 2019. Loan Repaid Notice that the Special Servicer has confirmed that the Insolvency Administrator has disposed of the Fairacre Retail Loan on 22 July 2013. Notice to noteholders: The Meeting will be held at the offices of Allen & Overy LLP on 20 August 2013 at 11.00 a.m. London time. Notice regarding cancellation of class B, C, D, E, F Notes. Notice regarding Final Recovery Determination in respect of the Orange Whole Loans and has calculated the amount of such Final Recovery Determination to be 48,835,652.48. Notice that four of the Government Income Portfolio Mortgaged Properties were intended to be sold individually. The sale of the first Property, St George House in Leeds, completed on 20 June 2013 for a price of GBP 8,600,000. The sale of the second Property, Rufus House in Carlisle, was sold on 28 June 2013 for a price of GBP 1,600,000 and Sale contracts were exchanged in July 2013 for the two remaining properties to be sold individually and these sales are expected to complete prior to the October 2013 Payment Date. Notice that the existing Mozart Co-Senior Lender intends to transfer all of its rights and obligations in connection with the Mozart Co-Senior Loan to its affiliate.
Fairacre Retail Loan
Noteholder Meeting
Transaction level Notice Orange Whole Loans
Other Loan Repaid
Government Income Portfolio Mortgaged Properties
Property Sales
Talisman-7 Finance Ltd.
Mozart Co-Senior Loan
Other
AUGUST 28, 2013 51

1184348 | 301112013
Table 13

Windermere X CMBS Ltd. Lightning Dutch Loan Other Notice that Lehman Brothers International (Europe) (in administration) ("LBIE") resigned as Lightning Dutch Security Trustee and Lightning Dutch Facility Agent under all the relevant Finance Documents and was replaced as such by Hatfield Philips Agency Services Limited ("HAPS") with effect from 22 July 2013. Notice that Net Sale proceeds of 27,301,021.03 received following the disposal of 5 assets and a piece of land. Notice regarding Annual Financial Statements
DECO 9 - Pan Europe 3 PLC Land Securities Capital Markets PLC Titan Europe 2007-2 Titan Europe 2007-2
Treveria I Transaction level Notice
Property Sales Other
Cobalt Loan
Appraisal Reduction Notice that the Special Servicer has calculated that an Appraisal Reduction has been created based on the Updated Valuation in the amount of 33,308,300. Standstill Agreement Notice that the Borrowers have requested a further standstill agreement to be entered into, extending the standstill period from (and including) 28 July 2013 to (and including) 28 September 2013 to allow additional time to discuss matters with the Special Servicer, including to finalise a strategy in relation to the repayment of the Caprice Loan. Notice regarding the Restructuring and Standstill of the Redleaf II Mortgage Loan. Notice that the Standstill agreement on Apple Loan has been extended a fifth time until until 14 August 2013. Notice regarding the Interest Rates calculated for the next period for the classes of notes. Notice regarding the event of deafault due to breach of LTV Covenant and then the loan being transfered to Special Servicing. Notice regarding the event of default and then the loan being transferred to Special Servicing. Notice regarding the sale of Coconut properties located in Kyritz, Perleberg and Quedlingburg. The sale price for the Sold Properties is (i) 700,000.00 for the Coconut Property located in Kyritz, (ii) 1,245,000.00 for the Coconut Property located in Perleberg and (iii) EUR 310,000.00 for the Coconut Property in Quedlinburg. Notice that the Special Servicer and the Borrower entered into a further standstill agreement until 31st August 2013 to allow Ernst & Young to finalise the restructuring opinion. Notice that the new cash agreement between Windermere XII FCT and Heart f La Dfense SAS will expire on 20 July 2014. Notice regarding the event of default and then the loan being transferred to Special Servicing. Notice regarding the extension of Standstill Agreement until 18 Oct 2013. Notice regarding sale of four properties. The Rotterdam, Wijnhaven property was sold for EUR2,600,000; the Leiden, Vondellaan 47 property was sold for EUR6,500,000; the Diemen, Eeckholt 2 property was sold for EUR1,500,000; and the Amsterdam, Wibautstraat 112-128 property was sold for EUR5,100,000.
Caprice Loan
Windermere VII CMBS PLC Talisman-6 Finance PLC STABILITY CMBS 2007-1 GmbH DECO 10-Pan Europe 4 PLC DECO 14 - Pan Europe 5 B.V. Talisman-6 Finance PLC
Redleaf II Mortgage Loan Apple Whole Loan Transaction level Notice DFK Portfolio
Restructuring Standstill Agreement Other Transfer to Special Servicing Transfer to Special Servicing Property Sales
CGG Loan Coconut Loan
DECO 17 - Pan Europe 7 Ltd. Windermere XII FCC Fleet Street Finance Three P.L.C Cornerstone Titan 2007-1 PLC Titan Europe 2007-2 Ltd.
Faktor
Standstill Agreement
Transaction level Notice Saxony Whole Loan
Other Transfer to Special Servicing Standstill Agreement Property Sales
Hannover Loan MPC Portfolio Whole Loan
AUGUST 28, 2013 52

1184348 | 301112013
Ratings And Note-Level Matters Data

Table 14
Ratings Default Index

Transaction AQUILA (ECLIPSE 2005-1) PLC ARES FINANCE 2 S.A. ARES FINANCE 2 S.A. ARES FINANCE S.r.l.* ARES FINANCE S.r.l.* BELLATRIX (ECLIPSE 2005-2) PLC Cornerstone Titan 2005-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2006-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC Cornerstone Titan 2007-1 PLC DECO 10-Pan Europe 4 PLC DECO 11 - UK Conduit 3 PLC DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC DECO 12 - UK 4 PLC DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 14 - Pan Europe 5 B.V. DECO 15 - Pan Europe 6 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 17 - Pan Europe 7 Ltd. DECO 6 - UK Large Loan 2 PLC DECO 6 - UK Large Loan 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 7 - Pan Europe 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC DECO 8 - UK Conduit 2 PLC Class E D E E F E E G H J B C D E D F D E F E F G G F G C D E F G H E F G Reason for default Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Principal loss allocation Interest shortfall Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Date rating lowered to 'D (sf)' December 2011 July 2011 July 2011 March 2011 March 2011 November 2010 April 2013 April 2010 April 2010 August 2009 June 2013 February 2013 November 2012 June 2012 April 2013 November 2008 April 2013 February 2011 February 2011 December 2011 December 2011 November 2010 November 2011 September 2012 May 2011 September 2012 July 2012 December 2012 November 2012 December 2011 September 2011 June 2013 June 2013 December 2009 Original rating BB (sf) BBB (sf) BB (sf) BBB- (sf) BB (sf) BBB- (sf) BBB- (sf) BBB- (sf) BB (sf) B (sf) AA+ (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB- (sf) BB (sf) A (sf) BBB BBB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BBB- (sf) BB (sf) Rating immediately before 'D (sf)' B (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC+ (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) B- (sf) B- (sf) B (sf) B- (sf) CCC- (sf) CCC- (sf) B- (sf) BB- (sf) B- (sf) CCC- (sf) CCC- (sf) B (sf)
AUGUST 28, 2013 53

1184348 | 301112013
Table 14
Ratings Default Index (cont.)

DECO Series 2005-UK Conduit 1 PLC DECO Series 2005-UK Conduit 1 PLC Diversity Funding No. 1 Ltd. Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC Epic (Industrious) PLC EQUINOX (ECLIPSE 2006-1) PLC EQUINOX (ECLIPSE 2006-1) PLC European Prime Real Estate No. 1 PLC EuroProp (EMC VI) S.A. EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 EuroProp (EMC) S.A. (Compartment) 1 Excalibur Funding No. 1 PLC Fleet Street Finance One PLC GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC GEMINI (ECLIPSE 2006-3) PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC German Residential Asset Note Distributor PLC Indus (ECLIPSE 2007-1) PLC Indus (ECLIPSE 2007-1) PLC JUNO (ECLIPSE 2007-2) Ltd. D E F A B C D E F E F D F A B C D E A E C D E A B C D E F D E D Interest shortfall Interest shortfall Principal deficiency Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Maturity payment default Default Interest shortfall Interest shortfall Interest shortfall Interest shortfall Restructuring Restructuring Restructuring Restructuring Restructuring Restructuring Principal loss allocation Principal loss allocation Principal loss allocation September 2011 August 2007 April 2012 October 2011 October 2011 October 2011 October 2011 October 2011 October 2011 May 2011 May 2011 August 2010 July 2013 May 2013 May 2013 May 2013 May 2013 May 2013 March 2011 May 2011 October 2012 October 2012 March 2011 December 2012 December 2012 December 2012 December 2012 December 2012 December 2012 February 2012 February 2012 May 2012 BBB (sf) BBB- (sf) B (sf) AAA (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB+ (sf) BBB (sf) BBB (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) A (sf) BB (sf) AA (sf) A (sf) BBB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) BBB (sf) CCC- (sf) CCC (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) BB (sf) B- (sf) B- (sf) CCC (sf) A (sf) BBB- (sf) BB+ (sf) BB (sf) BB- (sf) B (sf) B- (sf) CCC (sf) CCC- (sf)
AUGUST 28, 2013 54

1184348 | 301112013
Table 14

JUNO (ECLIPSE 2007-2) Ltd. MESDAG (Charlie) B.V. MESDAG (Charlie) B.V. Morpheus (European Loan Conduit No. 19) PLC Morpheus (European Loan Conduit No. 19) PLC Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Opera Finance (Uni-Invest) B.V. Perseus (European Loan Conduit No. 22) PLC Perseus (European Loan Conduit No. 22) PLC Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Prominent CMBS Conduit No. 2 Ltd. Radamantis (European Loan Conduit No. 24) PLC Silenus (European Loan Conduit No. 25) Ltd. Talisman 1 Finance PLC Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-3 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-4 Finance PLC Talisman-6 Finance PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2006-3 PLC Taurus CMBS (Pan-Europe) 2007-1 Ltd. Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC Titan Europe 2006-1 PLC E D E D Loan E A B C D C D D E F G G G D E F E F G F C D F C D E F G H Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Maturity payment default Maturity payment default Maturity payment default Maturity payment default Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation and interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Increased risk of interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall May 2012 November 2012 September 2011 May 2013 March 2011 February 2012 February 2012 February 2012 February 2012 September 2012 July 2011 February 2013 February 2013 February 2013 November 2011 September 2011 February 2011 February 2013 February 2013 February 2013 May 2013 May 2013 May 2013 February 2009 March 2013 May 2012 May 2013 February 2013 October 2012 December 2010 December 2010 June 2010 June 2010 BB (sf) BBB (sf) BBB- (sf) BBB (sf) BB (sf) AAA (sf) AA (sf) A (sf) BBB (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BB (sf) BBB (sf) BB (sf) BB (sf) BBB (sf) BB (sf) B (sf) BBB (sf) BB (sf) B (sf) BB (sf) A (sf) BBB (sf) BB (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BB (sf) B (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) B (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B (sf) CCC (sf) BB+ (sf) CC (sf) CC (sf) CC (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B+ (sf) B- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC (sf) CCC- (sf) CCC- (sf)
AUGUST 28, 2013 55

1184348 | 301112013
Table 14

Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-2 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-3 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2006-5 PLC Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-1 (NHP) Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Titan Europe 2007-3 Ltd. Ulysses (European Loan Conduit No. 27) PLC Ulysses (European Loan Conduit No. 27) PLC Ulysses (European Loan Conduit No. 27) PLC Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Vulcan (European Loan Conduit No. 28) Ltd. Windermere VIII CMBS PLC Windermere X CMBS Ltd. Windermere X CMBS Ltd. Windermere XI CMBS PLC F G H J B C D E F G H A2 A3 B C D E F B C D E B C D E F G C D E E F G E E F D Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Interest shortfall Principal loss allocation Principal loss allocation Principal loss allocation Principal loss allocation February 2013 February 2013 November 2010 November 2008 February 2013 February 2013 February 2013 September 2012 September 2012 April 2010 July 2009 June 2013 June 2013 February 2013 September 2012 February 2011 November 2010 February 2009 July 2011 July 2011 July 2011 July 2011 July 2012 November 2010 March 2010 May 2009 February 2009 October 2008 February 2013 May 2012 May 2012 September 2010 August 2009 August 2009 August 2011 November 2012 November 2012 May 2010 BBB+ (sf) BBB (sf) BB (sf) B (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) B (sf) AAA (sf) AAA (sf) AA (sf) A (sf) BBB (sf) BBB- (sf) BB (sf) AAA (sf) AA+ (sf) AA (sf) A (sf) AA A (sf) BBB (sf) BBB- (sf) BB (sf) B (sf) AA (sf) A (sf) BBB (sf) BBB (sf) BBB- (sf) BB (sf) BB (sf) BBB (sf) BB (sf) BBB (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) B- (sf) CCC- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) BB+ (sf) BB (sf) B+ (sf) B- (sf) B- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC- (sf) CCC (sf) CCC (sf) CCC- (sf) CCC (sf)
AUGUST 28, 2013 56

1184348 | 301112013
Table 14

Windermere XI CMBS PLC E Principal loss allocation May 2010 BB (sf) CCC (sf) *Although we have withdrawn our ratings on these classes of notes, which we lowered to 'D (sf)' following the issuer's failure to meet its maturity obligations, we have reintroduced them to our index for completeness.
Related Criteria And Research

Entrenched In Recession, Europe Seeks A Balance Between Deleveraging And Growth, June 26, 2013 House Prices Are Still Falling In Most European Markets As The Recession Bites, June 25, 2013 Counterparty Risk Framework Methodology And Assumptions, June 25, 2013 European CMBS Methodology And Assumptions, Nov. 7, 2012 Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 Standard & Poor's Ratings Definitions, June 22, 2012 European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, May 14, 2012 Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions, June 14, 2011 Principles Of Credit Ratings, Feb. 16, 2011 Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings, Dec. 23, 2010 Methodology: Credit Stability Criteria, June 3, 2010 Global Methodology For Rating Interest-Only Securities, June 15, 2010 Use Of CreditWatch And Outlooks, Sept. 14, 2009 Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, June 28, 2009 European Legal Criteria For Structured Finance Transactions, Aug. 28, 2008 Framework For Credit Analysis In European CMBS Transactions, June 21, 2007 Weighing Country Risk In Our Criteria For Asset-Backed Securities, June 11, 2006 Technical Challenges In European CMBS Structures, Feb. 16, 2006
Additional Contact: Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com
AUGUST 28, 2013 57

1184348 | 301112013
Copyright 2013 by Standard & Poor's Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription) and www.spcapitaliq.com (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
AUGUST 28, 2013 58

1184348 | 301112013

Untitled

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Untitled

Uploaded by

Copyright:

Available Formats

STRUCTURED FINANCE RESEARCH

AUGUST 28, 2013 1

Table Of Contents (cont.)

AUGUST 28, 2013 2

Scenarios For European Commercial Real Estate Collateral: 2013 To 2014

Baseline 2013 2014

Downside 2013 2014

AUGUST 28, 2013 3

AUGUST 28, 2013 4

AUGUST 28, 2013 5

AUGUST 28, 2013 6

AUGUST 28, 2013 7

Data Snapshot For Loans And Ratings

Number of tranches Number of transactions affected 1 0 26 14 0 1 0 9 2 0

AUGUST 28, 2013 8

Data Snapshot For Loans And Ratings (cont.)

AUGUST 28, 2013 9

AUGUST 28, 2013 10

AUGUST 28, 2013 11

Loan maturities data

Loan Delinquencies, Nonmonetary Breaches, And Cures

AUGUST 28, 2013 12

Loan nonmonetary breaches and cures

AUGUST 28, 2013 13

Loan delinquencies and nonmonetary breaches data

AUGUST 28, 2013 14

(charts 10 and 11).

Specially Serviced Loans

AUGUST 28, 2013 15

Specially Serviced Loans

Specially serviced loans data

Ratings And Note-Level Matters

AUGUST 28, 2013 16

Transactions And Related Publications

Transactions And Related Publications

AUGUST 28, 2013 17

AUGUST 28, 2013 18

AUGUST 28, 2013 19

AUGUST 28, 2013 20

Loans Maturing Over The Past Quarter

Loan Epic Rhino Loan H&B Retail Portfolio II Loan 1

Jurisdiction Germany Germany

Asset type Multifamily housing Retail

Comment In standstill Defaulted/in standstill Repaid * *

May 7, 2013 May 15, 2017

Jul 25, 2018

Office Multifamily housing Multifamily housing Hotel

Feb 15, 2020 Aug 22, 2016

Oct 27, 2020

May 24, May 24, 2015 2013

AUGUST 28, 2013 21

Loans Maturing Over The Past Quarter (cont.)

Office Jun 20, 2013 Office Jun 28, 2013

Retail Jun 30, 2013

Jul 25, 2018

Retail Jun 30, 2013

Jul 25, 2018

Office Jun 30, 2013

Jul 25, 2018

Office Oct 18, 2013 Industrial Jul 18, 2013

Switzerland Germany Switzerland The Netherlands U.K.

Industrial Office Retail Industrial Office

7,253,147 15,838,875 10,493,040 10,024,000 7,895,999